Your business might grow more slowly if you refuse to take on debt, writes Laura Zander, co-founder of Jimmy Beans Wool. But that's not necessarily a bad thing, as it will give you the time to learn the ins and outs of leadership without getting in over your head. Avoiding debt might also help you to gain a thorough understanding of all aspects of your business. "When you're forced to grow the business with cash, you learn to do things yourself," she writes.

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